Erik Schafhauser Zürich

Morning BrewSeptember 1 2021

Morning Brew 1 minute to read
Erik
Erik Schafhauser

Senior Relationship Manager

Good Morning,

Welcome to September

10 year rates rise from a low of 1.27 to 1.33 causing some US strength. The USD Index remains supported by the 50d Moving average and regains to 92.80, EURUSD falls to  1.1800 again, Gold to 1813 and Silver to 23.80. GBPUSD trades 1.3737 after hitting 1.38 yesterday. The Analyst forecast for EURUSD is 1.19 for the end of September, GBPUSD is 1.3950.

month in a row. Due to month end adjustments, volume was rather high yesterday, 9.8 Bio shares were traded in the US vs a 20 day average of 9 bio. Zoom reported lower video conference demand after more in person meetings can take place and shares trade more than 16% lower.thStocks are a little off the highs but remain strong, the S&P closed higher the 7

German Dax gained to 16k yesterday only to come under some pressure, currently indicated at 15880. A break above the 16k is needed for any further upside potential.

Chinas Caixin Purchasing Manager Index came a full point lower than expected and fell into contraction mode below 50 at 49.2. The Production Index came at 47.7 and new orders to 48. Markets seem to hope this will spark easier monetary policy by the PBOC and thus the reaction is somewhat muted.

EU Inflation came at 3% yesterday, a little higher than expected and the number is hitting the press today, that can be interesting – especially in Germany.

Watch for the EU and US PMI  today at 10:00 CET and 15:45/16:00 as the most important data points.

Local Start Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

1 Sep 2021

08:00

United Kingdom

Nationwide house price mm

Aug

0.1%

1 Sep 2021

08:00

United Kingdom

Nationwide house price yy

Aug

8.6%

1 Sep 2021

09:00

Turkey

GDP Quarterly YY

Q2

21.7%

1 Sep 2021

09:00

Turkey

Manufacturing PMI

Aug

1 Sep 2021

09:45

Italy

Markit/IHS Mfg PMI

Aug

60.0

1 Sep 2021

09:50

France

Markit Mfg PMI

Aug

57.3

1 Sep 2021

09:55

Germany

Markit/BME Mfg PMI

Aug

62.7

1 Sep 2021

10:00

Euro Zone

Markit Mfg Final PMI

Aug

61.5

1 Sep 2021

10:30

United Kingdom

Markit/CIPS Mfg PMI Final

Aug

60.1

1 Sep 2021

11:00

Turkey

ITO Istanbul Retail Prices

Aug

1 Sep 2021

11:00

Euro Zone

Unemployment Rate

Jul

7.6%

1 Sep 2021

14:00

Brazil

GDP QQ

Q2

0.2%

1 Sep 2021

14:00

Brazil

GDP YY

Q2

12.8%

1 Sep 2021

15:00

Brazil

Markit Mfg PMI

Aug

1 Sep 2021

15:30

Canada

Markit Mfg PMI SA

Aug

1 Sep 2021

15:45

United States

Markit Mfg PMI Final

Aug

1 Sep 2021

16:00

United States

ISM Manufacturing PMI

Aug

58.5

2 Sep 2021

03:30

Australia

Trade Balance G&S (A$)

Jul

10,200M

2 Sep 2021

09:00

Austria

GDP Growth QQ Final

Q2

2 Sep 2021

14:00

Brazil

Industrial Output MM

Jul

-0.7%

2 Sep 2021

14:00

Brazil

Industrial Output YY

Jul

1.8%

2 Sep 2021

14:30

United States

International Trade $

Jul

-70.9B

2 Sep 2021

14:30

United States

Initial Jobless Clm

28 Aug, w/e

345k

2 Sep 2021

14:30

Canada

Trade Balance C$

Jul

1.70B

2 Sep 2021

16:00

United States

Factory Orders MM

Jul

0.3%

3 Sep 2021

02:30

Japan

Services PMI

Aug

3 Sep 2021

03:45

China (Mainland)

Caixin Services PMI

Aug

3 Sep 2021

09:00

Turkey

CPI MM

Aug

0.60%

3 Sep 2021

09:50

France

Markit Serv PMI

Aug

56.4

3 Sep 2021

09:50

France

Markit Comp PMI

Aug

55.9

3 Sep 2021

09:55

Germany

Markit Services PMI

Aug

61.5

3 Sep 2021

09:55

Germany

Markit Comp Final PMI

Aug

60.6

3 Sep 2021

10:00

Euro Zone

Markit Serv Final PMI

Aug

59.7

3 Sep 2021

10:00

Euro Zone

Markit Comp Final PMI

Aug

59.5

3 Sep 2021

10:30

United Kingdom

Reserve Assets Total

Aug

3 Sep 2021

14:30

United States

Non-Farm Payrolls

Aug

728k

3 Sep 2021

14:30

United States

Unemployment Rate

Aug

5.2%

3 Sep 2021

14:30

United States

Average Earnings YY

Aug

4.0%

3 Sep 2021

15:00

Brazil

Markit Services PMI

Aug

3 Sep 2021

15:00

Brazil

Markit Composite PMI

Aug

3 Sep 2021

15:45

United States

Markit Comp Final PMI

Aug

3 Sep 2021

15:45

United States

Markit Svcs PMI Final

Aug

3 Sep 2021

16:00

United States

ISM N-Mfg PMI

Aug

61.8

6 Sep 2021

08:00

Germany

Industrial Orders MM

Jul

(Refinitiv)

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